Warrant price is 3.05$. Exercise price is 2.05$. So warrants have a $5.10 break even.
If you take the bid price ($2.69), you get a breakeven of $4.74.
In other words, the option market is telling us where the share price will trade post the deal...$4.74 to $5.10. That is a full $1.30 above where we are right now!